Technology firm Ovaloop has called for stronger government policy support to accelerate inventory digitisation and improve access to finance for Small and Medium sized Enterprises, SMEs, in Nigeria.
According to a report by the News Agency of Nigeria, NAN, the company’s Co founder, Mr Princewill Mba, made the call in Lagos while unveiling a retail operating system that enables businesses to manage inventory, sales, payments and accounting on a single platform.
Mba said poor business data remained a major barrier to accessing loans and improving tax compliance, noting that many businesses still relied on manual records despite the growing adoption of digital payments.
He said the Ovaloop platform was designed to generate credible business data that would help SMEs access financing, improve planning and support long term growth.
The company’s Chief Technology Officer and Co founder, Mr Daniel Kilanko, said the platform also integrates inventory management, payment verification, accounting, e commerce and supply chain operations.
He added that its Ovaloop Pay Protect feature verifies sales against confirmed payments to help reduce fraud and prevent revenue losses, while data protection and access controls safeguard sensitive business information.
Kilanko said the company was also developing smart retail terminals and an artificial intelligence powered marketplace that would synchronise physical and online inventories.
Marketing expert and Ovaloop partner, Mrs Titilope Ejimagwa, said digital inventory systems could help businesses reduce fraud, improve accountability and build credible financial records.
The company said it was also working with financial institutions to help qualified merchants access credit based on verified transaction histories and business performance data.
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